NYDFS FINES AGRICULTURAL BANK OF CHINA $216m FOR MASSIVE COMPLIANCE FAILURES

The New York State Department of Financial Services, regarded by many as the most effective banking regulator in the United States, has executed a Consent Order, with the Agricultural Bank of China, Limited, and the bank's New York Branch, for "serious and persistent compliance failures."

The bank shall pay a $215m monetary fine, engage an independent monitor for its compliance program,  conduct a look-back, to May, 2014, a transactions and OFAC sanctions review, revise its BSA/AML compliance program, submit a new suspicious activity monitoring and reporting program, a new EDD program, new revised internal audit program, and new management oversight program.

Readers who wish to review the complete text of the Consent Order can access it here.